Korean duty-free sales in 2023 did not continue the post-pandemic recovery path seen up to 2022. Instead, they went backwards despite more international visitors coming to the country. Data from the Korea Duty Free Shop Association indicate that travel retail revenue fell by 23% to 13.8 trillion Korean won last year, roughly $10.4 billion. This is well off the 2019 high of $18.8 billion and a worry for major downtown duty-free retailers like Lotte and Shilla. According to the Korean Economic Daily, both companies are in loss-making territory, as are some smaller rivals. A key piece missing in the duty-free puzzle…
Lotte Targets Japan And Vietnam Amid Domestic Duty-Free Contraction – Forbes
